Global Residential Remodelers Market Size Projected to Reach $863.8 Billion During the Forecast Period
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How Does The Market Size Of The Residential Remodelers Industry Compare Between 2025 And 2029?
The valuation of the residential remodelers sector experienced a slight upward trend across the last few years, projected to expand from $768.84 billion in 2024 up to $777.21 billion by 2025, reflecting a consistent annual increase of 1.1%. Factors underpinning this growth throughout the past period include prevailing economic environments and the value people hold in their homes, evolving ways of living, the increasing age of existing homes, shifts within the property market, and prevailing rates of homeownership.
Anticipating a consistent upward trajectory, the market encompassing residential remodelers is projected to expand, reaching a valuation of $863.8 billion by the year 2029, registering a compound annual growth rate (CAGR) of 2.7% throughout this projection window; this forward momentum is fueled by several key factors, notably the increasing needs of an aging demographic requiring accessibility modifications, the rising demand for greener, energy-saving home improvements, the wider incorporation of smart home technologies, the sustained effect of remote work necessitating dedicated home office areas, and the lingering influence of the COVID-19 pandemic, while dominant trends shaping this market during the same timeframe involve the utilization of technology for enhanced project oversight, the construction of living arrangements catering to multiple generations, the incorporation of design elements that ensure resilience against disasters, a continued focus on achieving greater energy efficiency in renovations, and the critical importance of maintaining a strong digital footprint through online marketing efforts.
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What Are The Main Drivers Boosting The Residential Remodelers Industry’s Expansion?
Anticipated expansion within the building industry is projected to fuel the progression of the market catering to residential remodelers in the forthcoming period. The construction domain encompasses the erection, modification, and upkeep of various physical assets, including residential dwellings, industrial facilities, roadways, spans, and assorted public works. An upturn in building activities can positively impact the residential renovation segment because it results in a greater volume of newly constructed residences, thereby stimulating the need for remodeling expertise. To illustrate this correlation, data from a United States Census Bureau statistical publication, a US governmental entity within the Federal Statistical System, revealed that aggregate construction expenditure across the United States escalated from $1.54 trillion in November 2020 to reach $1.84 trillion by November 2022, signifying a notable 16.3 percent increment. Consequently, the upswing observed in the broader construction sector currently serves as a catalyst for advancement in the market for residential remodelers.
What Are The Different Segment Classifications Within The Residential Remodelers Market?
The residential remodelers market covered in this report is segmented –
1) By Project: DIY (Do It Yourself), Professional
2) By Distribution Channel: Online, Offline
3) By Application: Flooring, Walls, Ceilings, Porches, Gardens, Garages, System And Equipment, Disaster Repair, Other Applications
Subsegments:
1) By DIY (Do It Yourself): Basic Projects, Intermediate Projects, Complex Projects
2) By Professional: General Contractors, Specialized Contractors, Design-Build Firms
Which Competitive Trends Are Defining The Residential Remodelers Market Structure?
A significant movement within the residential remodeler sector is the increasing adoption of technological progress. Leading firms within this market space are concentrating efforts on engineering novel offerings as a means to solidify their marketplace standing. Illustratively, in the final month of 2022, Eyrus Inc., an American software enterprise, unveiled considerable upgrades to its system, introducing Eyrus Evolved, a comprehensive, complete solution designed to empower general contractors in making superior judgments concerning project advancement, potential hazards, and site safety. This fresh technological capability incorporates an accessible and unobtrusive framework, delivering comprehensive workforce metrics and analysis instantly through a unified Workforce Database. By utilizing this system, project personnel gain the ability to react preemptively to evolving site conditions, thereby positively impacting timelines, safety protocols, and budgetary outcomes. Furthermore, the Eyrus application lessens the administrative burden associated with projects by a quarter through the mechanization of core functions like enrolling new staff, tracking time spent on the jobsite, and fulfilling regulatory documentation via the integration of Construction Internet of Things technology.
Which Leading Companies Dominate The Residential Remodelers Market Share?
Major companies operating in the residential remodelers market include Andersen Corporation, Dow Inc., Jeld-Wen Holdings Inc., Kohler Co., Pella Corporation, Seven Group Holdings Limited, Industrie Cotto Possagno S.p.A, Lutron Electronics Inc., Mohawk Industries Inc., Masco Corporation, Ferguson Enterprises Inc., Case Design/Remodeling Inc., Trex Company Inc., D.R. Horton Inc., Lennar Corporation, PulteGroup Inc., NVR Inc., Taylor Morrison Home Corporation, KB Home Inc., Meritage Homes Corporation, Clayton Properties Group Inc., Century Communities Inc., LGI Homes Inc., Anywhere Remodeling, Power Home Remodeling Group, Dreamstyle Remodeling Inc., Reborn Cabinets Inc., Kitchen Magic Inc.
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How Do Regional Market Performances Compare Within The Residential Remodelers Industry?
North America was the largest region in the residential remodelers market in 2024. The regions covered in the residential remodelers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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